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wall street journal," -- -- he went on to say, "the economy is recovering too slowly and should not be regarded as the new normal." >> we need a new approach. an approach that removes obstacles of growth, prosperity -- of growth and prosperity. unleash the nation of builders. to become a nation of builders and i think we have to stop picking winners and losers and start focusing on expanding opportunity for everyone. we started out by giving our kids a good chance at an education. to hirend opportunity axa's education so students are ready for tomorrow's job market. to become a nation of builders again, we need to fix our tax code. if we clear out all of these loopholes and make the tax code fair it is going to make it easier to understand, we will be creating more incentives to bring jobs home, and keep our resources here in america. a host: john boehner before the national association of manufacturers. this headline from "the -- this editorial from "the wall street journal" -- joseph on our twitter page has this comment -- logan is on the phone from las vegas on our independen
an immigration system in our country that meets the needs of a growing economy, the biggest economy in the world that focuses on making our country stronger, not weaker, and hopefully will put this debate behind us. so i yield the floor. >> yield for a question. first could i say all of us who have had the honor of working with you and the senator from north dakota greatly appreciate the work that you've done. if there is going to be a broad bipartisan support for the final product it will be because of what you and the senator from north dakota have done. and i'm very, very grateful for that. and i think that it is important wouldn't you agree that people understand that this is a very tough bill. and it required a lot of cooperation from our friends on the other side of the aisle to go along and agree with this. i think that they've shown a great deal of compromise in order to reach this point and agree with us on this legislation, which clearly we need bipartisan support for. but i would like to ask the senator again for a couple of specifics. because i think it is important we understand how
. >>> the leaders of the world's wealthiest economies have shared their thoughts on everything from global financial markets to the civil war in syria. but they didn't always agree. the heads of the group of eight nations wrapped up their summit at a resort in northern ireland. they said they would take a tougher stance on money laundering, but offered few specifics. >> we launched negotiations on the biggest bilateral trade deal in history. we agreed a lock earn declaration that has the potential to rewrite the rules on tax and transparency for the benefit of countries right across the world, including the poorest countries of the world. >> the leaders agree that tax authorities in their countries would do more to share information. they want to better track the profits of international corporations to make sure they pay their fair share. they found less common ground on syria. >> it's no secret that there were very different views around the g-8 table. but we all share a vital interest in bringing this conflict to an end, and helping the syrian people to achieve the change they want. >> cameron sa
are noticing changes in the economy so they're planning some changes for themselves. ai uchida joins us from the business desk. what do they see? >> they've seen the housing market improve, consumer confidence, household spending. in fact when the chairman of the u.s. federal reserve looks to the future, ben bernanke likes what he sees ahead for the economy. the central bank has pumped billions into financial markets over the last several years, but bernanke says later this year the fed could begin slowing the pace of stimulus. federal reserve policymakers released a statement after meeting for two days. they decided to continue buying government bonds at the current rate of $85 per month. but bernanke says they could change their tactics as the labor market changes. >> and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around midyear. >> bernanke said the jobless rate should be down to around 7% from the current 7.6% by the ti
university, about the state of the u.s. economy. later in the program we will be joined by a matthew segal. he will be here to talk about issues important to young americans. you are watching "washington journal." we will be right back. ♪ >> when you talk about transparency to the american public, there is -- you are going to give up something. you are going to be giving signals to our adversaries as to what our capabilities are. the more specific you get about the program, the more specific about the oversight, the more specific you get about the capabilities and successes, to that extent you have people sitting around saying, "ok, now i understand what it can be done with our numbers in yemen and in the united states and consequently i am going to find another way to communicate." there is a price to be paid for that transparency. where that line is drawn, in terms of identifying what our capabilities are, is out of our hands. if you tell us to do it one way we will do it that way. there is a price to be paid for transparency. >> robert muller makes his last scheduled appearance before
the big concern here on wall street was china. the once-booming chinese economy-- now the second-largest in the world-- is beginning to slow down. wall street is worried that the chinese government is not acting fast enough to boost its economy by injecting cash into a tight cred chinese banks have become reluctant to lend to each other. overnight, interest rates shot up by double digits according to wall street trader ben willis. >> this is a natural correction we've been looking for. we can blame it on ben bernanke, we can blame it on china, we can blame it on greece. >> reporter: but with credit tight, investors who r worried chinese consumers won't be able to buy as many goods from the west, hurting other economies. but willis remains optimistic seeing opportunity if falling stock prices >> we love this. this is what we live for when you have this kind of volatility. this is a dream for us. that's why you're in the business. >> reporter: this is when you make your money. i >> exactly. >> reporter: and with the dow rising more than 12% so far this year, stocks were selling at
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here? does it end up withdrawing the stimulus from the
that actually is a good balance and works for everyone in this sector of the economy. this bill first creates a way for current undocumented workers to obtain legal status through the blue card program if they've worked at least a hundred workdays or 575 hours from january 1, 2010 through december 31, 2012. all the blue cardholders will receive biometric identification. employers will be required to provide a record of their employment to the department of agriculture as well. and to be eligible, then, for a green card, the workers must have worked for at least a hundred days per year for eight years prior to enactment or 150 days for five years prior to enactment and they also would have to show that they pay taxes on their income that they earn while in blue card status, that they have not been convicted of any felony or violent misdemeanor as well. next, the bill also establishes an agricultural worker program to assign work visas for immigrant workers who don't wish to live in the united states but want to be able to come to the united states to be able to work legally. workers must regis
. the chinese economy opened up a world of opportunities. a world of brand new shoppers. >> farmers are leaving these fields and are not becoming just workers but consumers. they are off to join the middle class. >> welcome to our viewers on public television and around the globe. kennedy'sfter john f. famous speech in berlin -- president obama a vote the cold war -- with a call to stop nuclear weapons. he asked for the u.s. and russia to reduce their stockpiles by one-third. the reaction from moscow was dismissive. >> president obama inspected the troops in the city that has known to much war. facing east of the brandenburg gate, he was cheered for removing his coat. >> i am feeling so good i am going to take off my jacket. >> speaking from behind bulletproof glass, he said the city has withstood war but has to be torn down. >> we can say in berlin and europe, our values one, onwon.ce and freedom >> he said they had to help people in burma and afghanistan. >> these people want to join the free world -- free world. they want our support because they are citizens of berlin in their own way. >> h
talks with the taliban. the chinese economy opened up a world of opportunities. a world of brand new shoppers. >> farmers are leaving these fields and are not becoming just workers but consumers. they are off to join the middle class. >> welcome to our viewers on public television and around the globe. kennedy'sfter john f. famous speech in berlin -- president obama a vote the cold war -- with a call to stop nuclear weapons. he asked for the u.s. and russia to reduce their stockpiles by one-third. the reaction from moscow was dismissive. >> president obama inspected the troops in the city that has known to much war. facing east of the brandenburg gate, he was cheered for removing his coat. >> i am feeling so good i am going to take off my jacket. >> speaking from behind bulletproof glass, he said the city has withstood war but has to be torn down. >> we can say in berlin and europe, our values one, onwon.ce and freedom >> he said they had to help people in burma and afghanistan. >> these people want to join the free world -- free world. they want our support because they are citizens
the economy has not recovered from the collapse that wall street caused in housing and other areas. we had recreational vehicles industries gone. we had some high tech that's moved on. we had a lot of construction, home building, lumber, wood products pretty much decimated. the rural areas i have in my rural counties, unemployment over 20%. people are struggling to make ends meet, and we're going to cut their benefits. they want to work. some of them are working, and we even have a higher minimum wage than some states, but it still won't get you through the end of the month for your family. now, this is just outrageous. there are ways to cut this bill. we're going to stop paying finally at last, we are going to stop people not to grow things. we are going to have a new program of crop insurance and some estimates are this program which goes to anybody with an unlimited income, if you're a corporate farm and has $2 million, government will pay 80% for your crop insurance, 80% subsidies. why is that? we could cut this and -- if you earn a quarter of a million dollars a year, go buy your own
. there haven't been a lot of good things, the nsa stuff in particular. the economy is beginning to look a little firmer. and so, usually, that is the fundamental push in the trend line. so, yeah, there is a little surprise there. >> bill: you know, all of the talk about -- of course, benghazi, the irs, the department of justice and then, as you points out, the nsa. it all had its impact the. on nsa, the president said the intelligence community has to explain what this program is all about. they made their first attempt saying this has foiled 50 different terrorist plots. do you think this buries the issue and americans will accept it and go along now? >> there are a couple of different layers to the issue. one is: do -- -- does the public generally accept the notion of vacuuming up all of this data? if it is persuaded that this is what is necessary to stop terrorist actions. my guess is the public would be split but basically lean towards favoring it. and as we have seen over the past couple of weeks in polling on this stuff. the second is: does the
stuart. all eyes and ears on bernanke. president obama touts our economy during a news conference with german chancellor. they have been back in the skies for just over a month, but the boeing 7873 minor, there is more problems there. walt mossberg is back. he says intel has not been out of the park. ♪ connell: a big day today. we have walt mossberg. it has been a while. dagen: new and improved walt mossberg. connell: we are waiting on bernanke. we begin with nicole petallides. nicole: good morning. the dow jones industrials were down about 21 points will be kicked off this morning. they will let us know what they are thinking and following back, we will have bernanke answering questions. you can see the major averages down slightly to the downside. it used to be if the fed did this, the market would do this. because of the action and volatility that we have seen, the only thing is the market seems to move. every word means something else. if they taper, it means that the economy is getting better. connell: thank you, nicole. all eyes are on german bernanke. dagen: peter barnes
, they can't weaken america. they didn't weaken our economy. they helped build this country, helped build this economy as all of our ancestors did, and that's true of immigrants who want to come here and work and we ought to have a legal avenue that allows these people who want to build a better life for themselves and in the process build a better america, we ought to allow that to happen. this bill in my view doesn't go nearly far enough in accommodating the legal immigration that we could and should have in this country especially with respect to low-skilled workers. i'll be the first to say the bill makes a lot of progress for high-skilled workers, two big areas, the h-1b visas, the cap that has been too low for too long is significantly raised and although we've created hoops people have to go through that are probably unnecessary, it is progress that we have a much higher cap. there's also a new opportunity for graduate students in the stem fields to get green cards in time and that is very, very constructive. these people come here with a great deal of human capital, intellectual c
" on sunday. >> >> we want to do our own congressional summit on immigration, the economy, spying. we've got terrific four some to talk about this, as well as to really examine the president's standing right now politically with some of these issues. and we'll do that with our round table. >> thank you very much. we'll be watching. >> okay. >> and senate approval of a broad overhaul of the nation's immigration system could get a boost to spend billions on border patrol. but while it is raising hopes for republican support, there is strong opposition to it. >> if it were actually needed and work, i would help deal with that. but i don't -- i have my doubts that this is the best way to spend our money. i think this was a political response to a failing piece of legislation, a dramatic, desperate attempt to pass a dramatic piece of amendment so they can say it does everything you want and more. so we'll see. hopefully it does improve the border. but again, the border is just one part of the overall failure of our immigration system. >>> and joining me now is nbc news capitol hill correspondent,
, promotes growth and creates jobs, investments in infrastructure and innovation, expands our economy and strengthens the middle class and responsibly reduces the deficit. cognizant van hollen has been our leader on budget issues and the -- always promoting a budget as a statement of our national values of fairness, and opportunity, while reducing the deficit. please yield to the distinguished gentleman. >> thank you, leader pelosi. leader pelosi and president obama have in calling for some time now for the house of representatives to get working on legislation that will help boost growth. the economy has been improving but we know it can improve much faster if congress would do its work. two percent economic growth. because of things congress has done, like the sequester, we are slowing down economic growth in the country. the congressional budget office says economic growth this year will be one third less because of the sequester. which is why we have proposed a budget. senate democrats and the president of the united states have proposed budget that would replace the sequester wit
in years? plus, how the dow's plunge could be a good sign for the economy. >>> new overnight. word of a near miss in the skies above new york city. how two jets almost collided in midair. >> the incredible story of a deaf boy hearing for the first time. inside a medical breakthrough. >>> and the miami heat go back to back, repeating as nba champs. >>> but we begin this morning with a look at today's eye opener. your world in 90 seconds. >> people in hedging their bets. >> wall street tries to rebound after a massive sell-off and stocks tumbling. >> yesterday, the dow plunged, its biggest point drop since 2011. >> anxiety mounted over potential of the stimulus reserve to end. >> snowden under investigation. the inspector general race been looking into the company. >> we do believe there may be some problems. >> senate leaders appear to have reached a compromise on immigration reform but the deal is likely to face stiff opposition in the house. >> for peepople concerned about border security, once they see this bill it's almost overkill. >> it's back-to-back
while ago about the two countries' needs to work closely together for the sake of the world economy. >> overall, germany is our largest trading partner in the eu so we have a profound stake in each other's success. we agree that there's more work to do. not only do we have to grow, but we also have to reform our economies structurally. >> the president also took time to defend u.s. surveillance programs saying they have averted at least 50 threats and saved lives in the process. mr. obama's berlin visit comes almost 50 years to the day it was june 26th, 1963, when president kennedy delivered his anticommunism speech with the well known phrase, "ich bin ein berliner." >>> house republicans want to make it a federal crime to be in the u.s. illegally. a republican-based house economic voted yesterday to pass a bill boosting criminal penalties against anyone who is not a citizen. republicans say the bill is necessary to uphold enforcement of the law. democrats say it's too dangerous and are especially disappointed as the senate plans to work on an immigration bill to provide citizenship
reserve painted a brighter picture of the economy today. the central bank estimated unemployment will fall a little faster than expected this year and next. chairman ben bernanke said that means the fed may start scaling back its stimulus efforts later this year. he promised it will come in measured steps, to reassure investors. >> we are in a more complex type of situation, but we are determined to be as clear as we can, and we hope that you are and your listeners and the markets will all be able to follow what we're saying. >> sreenivasan: bernanke's words did little to reassure wall street today. stocks fell sharply on fears that if the fed curtails its bond-buying program, interest rates will rise and growth will slow. the dow jones industrial average lost 206 points to close at 15,112. the nasdaq fell nearly 39 points to close at 3,443. the internal revenue service is taking new fire-- this time over plans to pay bonuses to employees. republican senator chuck grassley of iowa said it comes to $70 million, despite a white house directive to cancel such payments due to automatic spendin
into the economy to prop it up to prevent a depression is going to start drying up. peter kenny is the chief market strategist at knight capital group. i guess the question is two days nearly 4%. makes people afraid. and it should make people afraid t. question is, is this temporary or something that could get worse and worse? >> it's a real wake-up call. i do think this is a short-term trend. given that, we are in a period of volatility since chairman bernanke did mention tapering back in may, which is where we had our highs. >> which means i will stop giving you this free market. >> meaning we have seen the most volatility all year. sideways to lower, the last two days significantly lower. there is probably some work to do on the downside in the near term. this is something that's needed. a pullback is needed. we need to get back to more compelling evaluations in the index stocks generally speaking. so it's not as if this is completely destructive. it's a question of a longer period of trend. >> it's pruning. >> that's a great example. >> when you look at five years ago when this whole, they call
economy and its problems. halfey represent just over of the $71.7 trillion global economy. we are live close to where the summit is taking place. they were all smiles in front of the cameras, but behind closed doors, was it a different story? >> apart from vladimir putin. >> of course. >> for all of the talk that the g8 is seen as talking shop and cannot get things done -- syria, for example -- i have to say the british, in particular, this morning have been making positive noise on forward movement on better tax arrangements. the british chancellor said there had been more progress made in the last 24 hours than the last 24 years. what they are trying to do our new arrangements on two different issues -- corporate tax avoidance, multinationals in theing tax loopholes europe and the developing world, and on tax evasion, which is illegal, even though tax avoidance is legal. ory are trying to close down get better transparency on all of these british islands, to see where money might be being hidden you legally. the great -- illegally. the great prize is if they get the people to pay tax
of the gop. we should concentrate on the economy. this is long term not a winning battle for the gop. the economy is slow, the recovery is melding. >> all right, boris, thanks so much for being here. >> absolutely thank you. >>> coming up, bill karins and betty nguyen will be here for first buzz. we'll tell you the stories that have caught our eyes. ♪ multigrain cheerios. also available in delicious peanut butter. healthy never tasted so sweet. also available in delicious peanut butter. peoi go to angie's listt for all kinds of reasons. to gauge whether or not the projects will be done in a timely fashion and within budget. angie's list members can tell you which provider is the best in town. you'll find reviews on everything from home repair to healthcare. now that we're expecting, i like the fact i can go onto angie's list and look for pediatricians. the service providers that i've found on angie's list actually have blown me away. find out why more than two million members count on angie's list. angie's list -- reviews you can trust. to accept less and less in the name of style
stock prices up worldwide and has spurred a recovery in the global economy. but at a hearing before congress on march 22nd, ben bernanke hinted at the possibility of scaling down the monetary easing policy. >> if we seek continued improvement and we have confidence that is going to be sustained, then we could in the next few meetings take a step down in our pace of purchases. >> the remarks triggered worldwide market volatility. the following day the nikkei and tokyo index stumbled. comments also changed the currently trends and the dollar briefly fell to the 93 yen level earlier this month. economists point out that chairman bernanke's comments could positively impact the japanese economy if it can get rid of market uncertainties. >> translator: once the u.s. policy direction becomes clear, investors may move more into riskier assets then the yen could again enter a declining trend and spur hopes for stock market advance. >>> it hasn't been long since the idea of 3d printing seem like pure fantasy. now the people who make these machines are displaying their latest models as one of
's not because of gas prices. aaa cites instead the sluggish economy and says people are just taking less time off. >>> microsoft reverses course on its new xbox one game console. users will now be able to play games offline without having to be connected to the internet. thaibl able to lend and sell used games. the xbox one goes on sale for $499. >>> and there could be more red arrows today on wall street after markets got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. if the economy keeps improving. but bernanke says that doesn't mean an interest rate hike is imminent. richard, back to you. >> kayla, thank you. >>> the country's second largest school system plans to order ipads for every student. the los angeles board of education approved a $30 million multi-year purchase. the first order, 31,000 ipads. the district has some 640,000 students, grades k through 12. the names george zimmer may not ring a bell but this ad certainly will. >> you're going to like the way you look. i guarantee it. >> zimmer
of it is a collection of shabby tents, it is more like a city with its own economy, institutions, social fabric. so dismantling this place is more complex than simply pulling up those tents. arrivalse earliest pitched camp here in the first wave in 1994. he now has a thriving business, two wives, and three grandchildren with another on the way. there is still a lot of danger. i recognize it is my homeland but i cannot go back there. in my heart, this is my home. this is where i have lived peacefully for a long time. a refugee camp for many, a real home for many more. >> there is a drive britain to draft new laws that could see reckless bankers jailed. the british government supports a recommendation a by a committee reviewing banking standards in the uk, making bank a such as this in a criminal offense. >> as they put it, high standards in banking should not be a substitute for global success. on the contrary, can a -- they can be a stimulus to it. we already support of the recommendations on new criminal and canceling bonuses where bands are bailed out. been --on designer has fashion designers hav
.s. economy, but there would be a road map for when they would stop doing that. the u.s. economy was strong enough to get on its own two feet and unemployment rate got back 7%. take their foot off the accelerator is the way the fed chief put it. overnight, world markets started to react saying all the markets that had benefitted from the big flood of fed money into the world economy and all markets having a pull back to what would be the reality when the fed is not in the game. you see the dow down about 69 points right now and down 72. we'll continue to watch. we have seen triple-digit declines the last six or seven days in a row, carol. >> then it goes right back up. such a weird thing. >> very volatile and i'll let you know how this is playing out and whether they can absorb it all right today. >> thank you, christine. >>> other stories we're covering this morning. senate negotiators are expected to announce a deal today on an immigration reform bill that would increase border security as cnn first reported yesterday. the plan would double the number of patrol officers from the current l
. this is singapore's central business district, the poor sink -- pulsing heart of singapore's economy, but today, you see the building stranded and smoke. there is a dry, accurate taste in the air. you can feel it in the back of your throat. -- there's a dry, accurate -- there's a dry, acrid taste in the air. his is where the fumes are coming from. hotspots on the indonesian island of sumatra where farmers use/and burn techniques to clear the land -- use slash and burn techniques to clear the land. >> ideally, we would like the fires to be put out. if any of these fires were illegally started, then whoever is responsible for them to be brought to justice. for the long term, what we need to do is cooperate with the indonesians as we have been to work on developing sustainable agricultural practices. >> the cost of the smog is yet to be counted, but it could be in the billions. had economichaze costs estimated at more than $9 billion and reportedly made 20 million people ill across the region. looks ugly there in singapore. you are watching "bbc world news america." still to come -- what do this briti
to america. the fed has announced it may no longer buy bonds to release money into the u.s. economy. u.s. stocks went down by more than two percent, the deepest single day fall since november. disappointing chinese economic data also hurt local sentiment. korean rebels are asking for more military support from its international palace. members of the free syrian army say a no-fly zone over parts of the country could help her event a unitarian disaster. -- a humanitarian disaster. the group believes syrian government forces will try to retake aleppo. a video posted online shows them battling government fighters there. the un's, humanitarian chief has given her assessment of the crisis. valerie amos says this disregard for human life and dignity has reached unprecedented levels in syria. she has been briefing members of the security council. >> a u.n. joint assessment mission was finally allowed on the 15th of june. they basically found a ghost town. weeks of heavy fighting and shelling have left the city almost totally destroyed. , raised my concerns that where there is active conflict
not a lot of people who wanted to take down dams. with the bad economy there is not a lot of money to pay for it. this project is goingó[ to jump-start this movement again. it's closely watched by engineers andçó biologistshnoun the country. >> it'st(çó obsolete.é@ if you have an old car or "tclding, after a while there is only so many times you canqxd k fixing it before you need to buy a new one. this dam was built when warren g. harding was president, 92 years ago. overtime the dams silt up behind them. that comes down thejf river and help replenish beaches gets stuck and the water gets fullq up. this reservoir!u is 95% full. a bunch of dirt and filled it almos4ñá alljf the way on and t ont( the water, you only store bit of water. it's useless. statet( engineers said in an earthquake it could collapse. if it collapsed, the amount of mud and sand behind that can fill 250,000 dump trucks. it would kill everything in the river and take out about 1500 houses. >> how are they going to get rid of itfá all? >> it's lpÑiinteresting. th the bottom withxd dynamite andw press the plun
with a market massacre. ben bernanke saying if the economy continues to improve he will cut back on his 85 billion-dollar a month bond buying program by the end of the year. that reality terrifying wall street. because the market may have to stand on its own two feet. combine that with a massive credit crutch in china and u.s. markets got absolutely slaughtered today. the dow closing down a staggering 353 points. look at that. 2.3% there. if you control down on this market massacre, christian dorsey from the economic policy institute. sam stovall, chief equity strategist at s&p capital iq. gentlemen, thanks so much for joining us. sam, shouldn't have been that big after deal. all ben bernanke said, if the economy continues to improve we may taper back on the buying by the end of the year. not that they will stop it all together. not that they will sell what they already have. look at the big gyrations we've seen. doesn't that tell you how ugly and messy this does point -- dismount actually will be? >> it tells me more, melissa, we're end of june which is quarter ending month a lot of portf
to back off of this government program that has helped push the economy along and that has sent the markets in a tail spin. he used the word "taper", he's going to taper the program. what does that mean? well, imagine the economy to be like a kid trying to ride a bicycle after a spill, trying to get back on balance. the fed has been helping out to steady and push him along with about $85 billion a month in stimulus. ben bernanke has been looking at numbers saying housing is up almost 7% in may, unemployment 7.6%, not getting better but not getting worse, gdp, 2.6%, all of that he's saying is that all of this that is good enough that the government can start backing off and let the economy stand on its own a little more. i'll be there. if it gets in trouble, i'll step in and save it, it will be okay, there is what we should do. so why are the markets so troubled? partially because they're looking at the same numbers and they are not as confident. their sense is that if you step away from this economy right now and try to let it ride on its own, in fact you could have a lot of wob
: both sides are addressing the economy, to bring growth back. it is not easy. we are facing enormous challenges on both sides. we have different kinds of responses, different kinds of contacts in america. i think the common concern is to make sure the recovery is a sustainable one that we don't go in an up and down in terms of economic performance. i think we have established a few lines that are common. we need financial stability and we need to increase our competitiveness. we are facing enormous challenges in emerging economies. we need to adjust our economy for training and education and we need the skills in the job market. for the moment i think the g-8 has clearly identified that. we need to join efforts at the international level to create a right position. host: what needs to happen? guest: i think we need to consolidate our accounts and put our house in order in terms of the debt and deficit. that is crucial for our credibility of our efforts. at the same time, we need to invest in a new way, we need to create the sources of competitiveness for the future. so our economies
which will have a terrible impact on state and local economies. going back to when the government tries to implement compassion it will always be done on a political basis. i want to speed up because we want to leave time for discussion and our other panelists. i want to give you an example how this happens. i heard this great example. think about a mother who steals to feed her children. she goes to children. her children end up in foster care. we have sympathy and there is the terrible situation, where is the outcry for amnesty for such a person? where the outcry for family reunification for someone broke the law. it is not there? why? because she is not a member of desired political block people in washington trying to garner favor for. that is to go back to let individual discuss 19 we get mandate for compassion. go next to verse 34, right after the mandate that we exercise kindness to strangers, it also prohibits unjust weights and measures. that is what this bill is. it is an unjust weight and measure. we need to take the things into consideration. i could go on. this bill also, a
economy for 160 years. bnsf, the engine that connects us. >> by bp. >> and by at&t. >> and the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: it could be a breakthrough moment in the longest conflict in american history. u.s. and afghan peace negotiators are going to sit down with the militants who've been battling american troops since 2001. after 12 years of war, senior u.s. officials now say direct talks with the taliban are scheduled to begin within the next few days. the news came as president obama wound up a meeting with french with the at the g8 summit in northern ireland. the president said that the taliban must come prepared to make concessions. >> including the taliban is going to need to accept an afghan constitution that pronounces against violence is committed to
're seeing is ben bernanke is taking the training wheels off the economy. or will eventually be taking the training wheels often by pulling out all the quantitative easing, all the bond buying the fed has been doing. several rounds of this quantitative easing. it's boosted house prices. it's kept mortgage rates down. everybody's nervous when the fed stops buying up all these bond, the economy might not perform all that well and stocks are going to look a little expensive. so that's why you're seeing stocks sell off. that's why you're seeing mortgage rates go up. the ten-year treasury note is rising. the highest it's been in a couple years. think of ben bernanke as a drug dealer, he's taking the drugs away from the economy. >> everybody coming down from that high, as it were. the president in a conversation with charlie rose hinted bernanke would not serve a third term as fed chair. i'll play you a sound bite from that conversation. and then get your thoughts. >> ben bernanke's done an outstanding job. ben bernanke's a little bit like bob mueller, the head of the fbi, where he already s
into the economy each month. >> gradually reducing the pace of purchases. >> reporter: the second, overnight thursday bad news from china. manufacturing production fell. the economy isn't growing as fast as it had been. the pros say this was bound to happen after months of gains and record highs. in fact, the fed pulling back is a sign the economy is getting better. >> there's no fear or panic going on. we know it's going to be a nice, slow, orderly process to see if our economy can stand on its own again. >> stocks were only part of the bad news. a metal meltdown. gold, the filter is dropping like a rock, losing a quarter of the value this year. don't be afraid to peek at your 401(k). after yesterday's dramatic drop, the dow was up 12.5% this year. >> everything was moving yesterday. interest rates on treasury bonds hit a two-year high. higher mortgage rates, higher car payments could be around the corner. don't despair. stock futures in the u.s. are up a little bit so far. we'll keep monitoring it. >> you used a swear word before we went on air. >> i did. i said darn, that was a horrible d
, hiring police officers and hiring firefighters. and it comes back to the economy. and if the sequester cuts are not done effectively and accurately, it's going to affect us on the streets where main street lives. >> so this may be an area where republicans and democrats, mayors from across the country will agree this weekend, but what can you all do about it? i mean, what kind of influence can you have? what can you accomplish with this meeting? >> well, i think congress listens to what mayors have to say, but, you know, congress is not necessarily a functional legislative body to begin with. so sometimes on some issues, i'm not sure our voices is as loud as it could be or received as loudly as it should be. but, you know, people live in cities. and i think they look at city government right now as being stronger and stronger and a more vital part of our economy than ever before. cities are where the jobs are being created. it's where the growth in our national economy is going to have to take place in we are going to continue to build this country. >> and finally, before you go, you a
in this that america is in a global battle for capital and labor. if we're going to grow the economy in the united states at the rates he would talk about historical through our lifetime then we have got to have more labor. not only high skilled labor like science and technology and engineering and math but it is critical to increase the of h1-b visa and also start to do a better job to raise american kids to get the master's and ph.d. engineering and physics but in the short term and in the midterm lot of the labor costs to come from other countries and we are so blessed that our university system is a magnet for the best in the world when it kid gets a ph.d. in engineering from mississippi state we should staple a green card to his diploma because if not he will go home to mom buy and hire 800 people were if we let him he would much rather stay here and it is almost universally accepted that we have the other essentials labor that is not a phd. california that biggest agricultural state more than half of the farm is here illegally and only 4% are here on the special agricultural be said because
we've got to get the economy jumpstarted and back on track in a manner that is sustainable for the programs that we all care about. one of of the ways to clearly do that at the -- at the cbo has indicated, and this is a nonpartisan operation, is to pass copperheads if immigration reform that provides an additional piece of evidence as to why this is so significant for us to get done and to get done sooner rather than later. ,ost: congressman jeffreys what is another issue, before we go to calls, that you focus on or that you think the congress should be addressing? i think we have to do with the gun violence problem we have in america. it is, katie, i understand that, but certainly as americans focus on the problem, and the aftermath of the tragedy in newtown, connecticut, the issue that we confront in the district, i represent a very urban district that has several neighborhoods in east new york,: the island, brownsville, that in the last several decades have gunrienced issues in violence. almostevery reagan, -- every weekend, there is an issue that has resulted from an il
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
in the local economy generated by the store and new jobs it creates. it has a multiplier effect. to know that this works, we need to look at pennsylvania. a similar program that began there in 2004 resulted in 88 projects being built or renovated in underserved urban and rural communities across the state. today, more than 5,000 jobs have been created and i know we all want to create jobs, and 400,000 people now have increased access to healthy foods. 30 million invested by the state has resulted in projects totalling more than $190 million. the pennsylvania program success rate has been better than the grocery industry overall. federal, state and many city governments are enacting legislation and policies to attract healthy food retail. this is tremendous momentum around the country right now to bring grocery stores to places that need them. also a diverse group of nearly 100 stakeholders support this bill, including policy link, the food trust, the national grosser's association and newly rouse agricultural, civil rights support this bill. the senate supports this -- the senate has rec
that it would be good for dairy farmers in the northeast who are such an important part of our economy. but i cannot and i will not support this farm bill as it is currently written. i cannot support a bill that cuts the snap program by $20.5 billion. i cannot support a bill that will force two million americans to lose their benefits. i cannot support a bill that throws over 200,000 american children off the free school breakfast and lunch program. in short, i cannot support a bill that will make hunger in america even worse than it already is. right now as we speak, as we gaggetser here, there are -- as we gather here, there are 50 million hungry americans, 17 million of them are children. many of them work but do not earn enough to make ends meet. all of us, every single one of us in this chamber should be ashamed by those numbers. food is not a luxury. it is a basic necessity. but there isn't a single congressional district in america that is hunger-free. ending hunger in america used to be a bipartisan issue. to my republican friends i say, remember the work of people like bob dole and b
the detention facility at guantanamo bay, cuba. the latest data on the u.s. economy left something to be desired today. factory output barely rose in may, and consumer sentiment fell in june. wall street reacted with a friday sell-off. the dow jones industrial average lost nearly 106 points to close at 15,70. the nasdaq fell nearly 22 points to close at 3,423. for the week, both the dow and the nasdaq lost more than 1%. those are some of the day's major stories. now, back to judy. >> woodruff: today the city of detroit, and its creditors, were presented with a series of painful options. retired city workers were warned of significant cuts in pensions and health insurance and creditors were told the city won't be able to pay them back. the day started with an announcement that the government already defaulted on some debt. it got worse from there. ray suarez has the story. >> make the banks pay. >> suarez: a handful of protesters picketed outside the westin hotel this morning, while inside, detroit's emergency manager kevyn orr laid out a last-ditch plan to 150 creditors to accept pennies on the
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